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Apple supplier Foxconn posts better-than expected second-quarter profit

Apple supplier Foxconn posts better-than expected second-quarter profit

Foxconn, the world's largest contract electronics manufacturer, reported a betterthanexpected quarterly profit on Wednesday, as rising telecommuting demand amid the coronavirus pandemic offset slowing smartphone sales.

TAIPEI Foxconn, the world’s largest contract electronics manufacturer, reported a better-than-expected quarterly profit on Wednesday, as rising telecommuting demand amid the coronavirus pandemic offset slowing smartphone sales.

Foxconn, whose clients include tech giants such as Apple, reported a net profit of T$22.9 billion ($778.54 million) for the second quarter ended June.

That was better than a Refinitiv consensus estimate of T$17.95 billion drawn from 13 analysts.

The company, formally called Hon Hai Precision Industry Co Ltd, has said the worst of the virus impact for the company was over and that the work-from-home lifestyles being adopted around the world would offer new growth opportunities.

($1 = 29.4140 Taiwan dollars)

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  • First Published: August 12, 2020, 11:49 AM IST
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